Company Overview - Zhejiang Shibao reported a strategic goal to provide intelligent driving solutions and products for leading global automotive groups[10]. - The company has over 30 years of experience in system matching within the automotive industry, with a diversified and international customer base[10]. - Zhejiang Shibao is one of the first domestic companies to independently develop electric power steering systems and intelligent steering systems for automobiles[10]. - The company operates production bases in Hangzhou, Yiwu, Siping, Wuhu, and Changzhou, and has a research institute in Hangzhou[10]. - The company aims to enhance the research and production capabilities of steering systems and key components to an internationally competitive level[10]. - Zhejiang Shibao's H shares were listed on the Hong Kong Stock Exchange on May 16, 2006, and later transferred to the main board on March 9, 2011[10]. - The company is committed to improving automotive driving safety and comfort through its products[10]. - Zhejiang Shibao has established an automotive intelligent technology research and development center in Beijing[10]. - The company provides various steering products for commercial vehicles, passenger cars, and new energy vehicles[10]. - The company is focused on expanding into modular related key components of steering system integration[10]. Financial Performance - The company's operating revenue for the year ended December 31, 2024, reached RMB 269,346.89 million, a 48% increase from RMB 181,944.22 million in 2023[21]. - The total profit for 2024 was RMB 15,226.84 million, representing an 81% increase compared to RMB 8,400.31 million in 2023[21]. - The net profit attributable to the parent company was RMB 14,912.38 million, up 93% from RMB 7,720.43 million in 2023[21]. - The net asset value of current assets increased to RMB 99,577.03 million in 2024, compared to RMB 55,892.46 million in 2023, indicating improved liquidity[22]. - The total assets of the company reached RMB 326,466.71 million in 2024, a significant increase from RMB 265,067.88 million in 2023[22]. - The company achieved a revenue of RMB 2,693,468,867.27, representing a year-on-year increase of 48.04%[28]. - The gross profit from core business was RMB 517,235,591.89, an increase of RMB 219,895,821.50 year-on-year, with a gross margin of 19.82% compared to 17.09% in the previous year[28]. - The overall gross margin for the reporting period was 20.94%, up from 19.33% in the previous year, attributed to improved production costs due to increased sales volume[28]. - Research and development expenses amounted to RMB 159,714,979.19, a year-on-year increase of 35.13%, representing 5.93% of total revenue[29]. - The net profit attributable to shareholders was RMB 149,123,766.76, reflecting a year-on-year increase of 93.15%[33]. Research and Development - The company has a strong focus on R&D, with seven core technological capabilities developed, including electric steering ECU technology and intelligent steer-by-wire technology[14]. - The company plans to focus on the development and commercialization of new technologies such as steer-by-wire and rear-wheel steering to support advanced autonomous driving[25]. - The company is focused on providing advanced active steering solutions for autonomous vehicles, integrating economic growth, environmental protection, and social responsibility into its business strategy[169]. - The company focuses on the research and development of automotive steering products, including steering gears and key components of steering systems[109]. Market and Sales - The sales of electric and intelligent steering system products saw significant growth, benefiting from trends in automotive electrification and globalization[28]. - The company reported a significant increase in overseas sales, which reached RMB 202,454,017.39, a year-on-year growth of 107.21%[35]. - The automotive industry in China saw a production and sales volume of 31.28 million and 31.44 million vehicles respectively, with a year-on-year growth of 3.70% and 4.50%[27]. - The company's revenue for automotive parts manufacturing reached ¥2,609,786,667.29, a year-on-year increase of 2.73%[37]. - Sales volume for automotive parts increased by 58.04% to 4,458,978 units compared to 2,821,409 units in the previous year[38]. Operational Efficiency - The company has implemented the Toyota Production System to enhance efficiency, reduce waste, and control production costs effectively[18]. - The company maintains a stable and experienced team, with an average of 15 years of industry experience among core personnel, supporting future growth initiatives[19]. - The company has established a comprehensive quality control system, with all major subsidiaries certified under IATF 16949:2016, ensuring stable product quality[15]. - The gross profit margin for steering systems and components was 19.04%, up from 16.06% in the previous year, reflecting improved cost management[40]. Corporate Governance - The company has a strong governance structure with independent non-executive directors, enhancing oversight and strategic direction[100]. - The board includes experienced professionals from various sectors, contributing to diverse insights and decision-making[101]. - The company is committed to maintaining high standards of corporate governance to align with stakeholder interests and adapt to external changes[158]. - The supervisory board expressed confidence in the company's future prospects and the performance of the board and senior management[155]. - The company has established a robust internal control system, which contributed to the decision not to purchase liability insurance for directors and senior executives[159]. Employee and Compensation - The total employee compensation and benefits amounted to RMB 303,884,490.90, an increase from RMB 246,070,420.51 in the previous year, reflecting a growth of approximately 23.4%[93]. - The company has 2,224 employees as of December 31, 2024, up from 1,940 employees in 2023, indicating an increase of about 14.6%[93]. - The company provides ongoing professional development training for all directors to enhance their knowledge and skills related to governance and compliance[174]. Environmental Compliance - The company has maintained good environmental compliance, with all emissions meeting standards and no pollution incidents reported during the reporting period[111]. - The company has established a comprehensive environmental management system and has achieved ISO 14001 certification for several subsidiaries[111]. - The company has implemented strict environmental protection measures to comply with current laws and contribute to environmental conservation[172]. Risks and Challenges - The company faces risks from industry fluctuations, as the automotive parts manufacturing sector is heavily influenced by the macroeconomic cycle and national policies[71]. - Product quality is critical, as any defects could lead to recalls, impacting the company's brand and market expansion[72]. - The company must continuously innovate to meet the increasing demands for safety, intelligence, and energy efficiency in the automotive sector[73]. - The pricing of automotive parts is subject to pressure from the overall vehicle pricing trends, which could affect the company's profitability[74]. - Fluctuations in raw material prices significantly impact production costs and gross margins, posing operational risks[75]. - The company is expanding into overseas markets, which may be affected by international political and economic changes[76]. - The company must adapt its management practices to handle the increased complexity from business expansion, or it risks affecting operational efficiency and performance[77].

Financial Performance - Total revenue for 2023 was RMB 1,035,983, a decrease of 27.7% compared to RMB 1,431,294 in 2022[18]. - The net finance costs for 2023 were RMB (383,500), down from RMB (596,488) in 2022, indicating improved financial management[18]. - The company reported a loss before tax of RMB (73,708) for 2023, a significant recovery from a profit of RMB 2,506,503 in 2022[18]. - The loss for the year was RMB (157,530) in 2023, compared to a profit of RMB 2,378,790 in 2022, reflecting challenging market conditions[18]. - The company expects revenue for 2024 to be approximately RMB 897,537, indicating a continued decline in performance[18]. - Total assets decreased from $2,432,164 million in 2022 to $1,726,326 million in 2023, a decline of approximately 29%[20]. - Total liabilities decreased from $4,152,388 million in 2022 to $3,628,825 million in 2023, a decline of approximately 13%[20]. - Current liabilities significantly reduced from $1,230,233 million in 2022 to $631,220 million in 2023, a decrease of about 49%[20]. Oil Production and Sales - Crude oil sales volume in 2023 was 1.86 million barrels, down from 2.27 million barrels in 2022, representing a decrease of about 18%[21]. - Average realized price for crude oil in 2023 was $78.89 per barrel, compared to $93.97 per barrel in 2022, a decrease of approximately 16%[21]. - Total proved crude oil reserves decreased from 6,297 thousand barrels in 2022 to 5,033 thousand barrels in 2023, a decline of about 20%[23]. - Lifting costs for crude oil increased from $13.16 per barrel in 2022 to $13.28 per barrel in 2023, an increase of approximately 1%[21]. - Cash net-back for crude oil in 2023 was $60.70 per barrel, down from $70.40 per barrel in 2022, a decrease of about 14%[21]. - The average daily net crude oil production in 2023 was 5,259 barrels, down from 6,279 barrels in 2022, a decrease of approximately 16%[21]. - Total proved and probable crude oil reserves decreased from 11,005 thousand barrels in 2022 to 9,024 thousand barrels in 2023, a decline of about 18%[23]. Strategic Initiatives - The company is focusing on expanding its market presence and developing new technologies to drive future growth[18]. - The management is exploring potential mergers and acquisitions to enhance competitive positioning in the market[18]. - The company plans to invest in new product development to meet evolving customer demands and market trends[18]. - The company is committed to improving oil and gas field exploration efficiency and reducing production costs through process optimization and cost management[77]. Leadership and Governance - The board of directors has undergone changes, with new appointments aimed at strengthening governance and strategic direction[5]. - The company has undergone significant leadership changes, with several directors transitioning between executive and non-executive roles in recent years[43][44][46]. - The management team is composed of individuals with diverse backgrounds in finance, corporate governance, and operational oversight, enhancing the company's strategic capabilities[40][41][43]. - The company is positioned to leverage its experienced leadership to navigate market challenges and pursue growth opportunities in the oil and gas sector[39][43]. Corporate Governance - The company has complied with the applicable Code Provisions of the Corporate Governance Code during the year ended December 31, 2024[70]. - The company will regularly review and improve its corporate governance practices to ensure compliance with the CG Code[71]. - The board has made recommendations regarding the training and continuous professional development of Directors and senior management[76]. - The company emphasizes the principle of "innovative development and value creation" to adapt to changing market conditions[80]. - The Company has established corporate governance practices based on the Code Provisions set out in the Listing Rules[70]. Risk Management - The Group's major market risks include oil price risk, which significantly impacts revenue and profit due to fluctuations in international oil prices, and currency risk, as most sales in China are in US dollars while expenses are incurred in RMB[149]. - The internal audit function assesses the effectiveness of the Group's risk management and internal control systems, reporting directly to the Chief Executive Officer and having unrestricted access to company records[143]. - The Board is responsible for evaluating risks associated with achieving the Group's strategic objectives and maintaining effective risk management systems[141]. Shareholder Communication - Effective communication with shareholders is deemed essential for strengthening investor relationships and enhancing understanding of the Company's performance and strategy[164]. - The Company aims to maintain transparency and timely disclosure of information to assist shareholders in making informed investment decisions[168]. - The Company allows extraordinary general meetings to be convened upon written requisition by shareholders holding at least one-tenth of the paid-up capital with voting rights[155]. - All resolutions presented at general meetings will be voted on according to the listing rules, and results will be published on the Company's and the Stock Exchange's websites[156].

Financial Performance - The Group's consolidated revenue for 2024 was approximately HK$149,945,000, representing an increase of 6.8% compared to 2023[17]. - The loss for the year increased to HK$115,575,000 in 2024, up from HK$61,721,000 in 2023[17]. - The Group's annual loss expanded to HK$115,575,000 in 2024, compared to HK$61,721,000 in 2023, while total revenue increased by 6.8% year-on-year to approximately HK$149,945,000[23]. - Operating revenue from the sales business of medical and geriatric products increased by 5.7% year-on-year to HK$135,907,000[21]. - The cost of sales increased by 12.2% year-on-year to approximately HK$114,265,000, which includes costs related to purchases, freight, installation fees, and wage expenses[87][93]. - The overall gross profit margin decreased to 23.8% from 27.4% in the previous year, attributed to a change in product mix with increased sales of lower-margin educational products[88][94]. - Other income and gains/(losses), net amounted to a loss of approximately HK$15,678,000, a significant decrease from a gain of HK$36,084,000 in the previous year, mainly due to reduced interest income and an exchange loss of HK$29,290,000[95][101]. - Selling and distribution expenses were approximately HK$14,331,000, representing 9.6% of total sales, a slight decrease from 9.9% in 2023[97][102]. - Administrative expenses decreased by 9.8% to HK$80,716,000 from HK$89,476,000 in 2023, primarily due to the implementation of a tightening expense policy[99][103]. - The Group's net assets decreased to approximately HK$1,740,426,000, down by HK$214,122,000 from HK$1,954,548,000 as of December 31, 2023[116]. - The Group's cash and cash equivalents were approximately HK$77,865,000 as of December 31, 2024, a decrease of approximately HK$75,459,000 from HK$153,324,000 as of December 31, 2023[117]. Geriatric Care Operations - The Group operated 6 geriatric care institutions with a total of 1,243 geriatric beds, including 849 medical beds[19]. - Revenue from the geriatric care business in 2024 was approximately HK$14,038,000[19]. - The average occupancy rate of the geriatric care institutions was approximately 72%[19]. - Each geriatric care institution achieved a break-even position and continued to provide positive cash flow for the Group[19]. - The Group plans to increase the number of geriatric care beds by 500 in the coming year[19]. - Revenue from the geriatric care institutions reached RMB45.08 million in 2024, representing an 8% year-on-year increase from RMB41.81 million in 2023[35]. - The overall occupancy rate for the facilities was 72% in 2024, down from 79% in 2023[39]. - In 2024, Guangyi Geriatric Care Center and Nursing Home achieved operating revenue of RMB20.74 million, with an occupancy rate of 92%[41]. - Wuhe Geriatric Care Center and Nursing Home reported operating revenue of RMB5.88 million, with a decline in occupancy rate to 57% due to renovations[43]. - Xuejia Aixin Geriatric Care Center and Nursing Home achieved operating revenue of RMB11.30 million, representing a year-on-year increase of 17% and an occupancy rate of 78%[48]. - Huifeng Geriatric Care Center reported operating revenue of RMB1.48 million, a year-on-year increase of 21%, with an occupancy rate of 44%[50]. - Wuhu Golden Sun Geriatric Care Center achieved operating revenue of RMB4.58 million, representing a year-on-year increase of 9% and an occupancy rate of 95%[52]. - The newly opened Changzhou Luoxi District Geriatric Care Center and Nursing Home has an occupancy rate of 34% since its operations began in May 2024[53]. - The occupancy rate of the newly opened Changzhou Luoxi District Geriatric Care Center is expected to gradually increase, contributing to future revenue growth[62]. Strategic Initiatives and Future Plans - The Group plans to enhance integrated medical and geriatric care services, which is expected to improve future performance[50]. - The Group signed a cooperation agreement for the Ancient Canal Cultural and Creative Building Health Care Project, which plans to establish approximately 450 integrated medical and geriatric care beds, expected to commence in the first half of 2025[59]. - The health care project in Rizhao is set to provide approximately 116 beds, focusing on integrated medical and geriatric care services[60]. - The Group's Wuxi Ancient Canal Nursing Home project is expected to add approximately 450 operating beds by 2025, enhancing urban healthcare services[78]. - The Group plans to accelerate the government approval process for the Royal Tower project in Canada to expand its real estate business despite recent interest rate hikes[79]. - The company aims to intensify the development of medical and geriatric products, focusing on the education industry and expanding sales channels in North America[80]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code throughout the year ended December 31, 2024, ensuring high standards of corporate governance[146][153]. - The Board regularly reviews the company's strategic focus to ensure alignment with its vision and corporate culture[155]. - The company has established an employee handbook to provide necessary cultural guidance to all employees[156]. - The Board currently consists of 9 members, including 5 Executive Directors and 4 Independent Non-executive Directors[159]. - The company has complied with Listing Rules regarding the appointment of at least three independent non-executive directors, representing at least one-third of the board[165]. - The Audit Committee held two meetings during the year to review financial results and compliance procedures[196]. - The Company's annual results for the year ended December 31, 2024, have been reviewed by the Audit Committee[197]. - The Audit Committee comprises four members, all of whom are Independent Non-executive Directors[195]. - All Directors confirmed compliance with the Model Code for Securities Transactions throughout the year ended December 31, 2024[188]. - The Board has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Investment and Risk Management Committee[190]. - The majority of members of each Board committee are Independent Non-executive Directors[191]. - The Company ensures compliance with relevant legal and regulatory requirements, including the CG Code[186]. Investments and Financial Position - The Group's liquidity position remained strong with a current ratio of 4 times and net current assets of HK$414,105,000 as of December 31, 2024[118]. - The Group has contingent liabilities of up to RMB28,000,000 (approximately HK$30,238,000) as a guarantor for a bank facility granted to an associate[127]. - The Group's share of losses from a joint venture was approximately HK$13,446,000, an increase from HK$5,728,000 in 2023, primarily due to rising interest expenses[108]. - The Group's share of losses from associates included approximately HK$5,727,000 from Beijing Sports and Entertainment Industry Group Limited and HK$10,277,000 from Shanghai Junbo Textiles Limited[109]. - The Group acquired a 12.7637% equity interest in Beijing Lugang International Logistic Co., Ltd. for RMB48,000,000 (approximately HK$52,968,000) at the beginning of the year[116]. - The Group's capital expenditure increased to approximately HK$6,638,000 in 2024, compared to HK$1,372,000 in 2023[125]. - Capital expenditure for the year ended December 31, 2024, was approximately HK$6,638,000, significantly up from HK$1,372,000 in 2023, primarily for the acquisition of properties, plants, and equipment[131]. - The company had no mortgaged assets as of December 31, 2024, and December 31, 2023[132]. - The contingent liabilities related to bank financing for an associate company amounted to a maximum of RMB 28,000,000 (approximately HK$30,238,000) as of December 31, 2024, compared to RMB 28,000,000 (approximately HK$30,898,000) in 2023[133].

Financial Performance - The company's operating revenue for Q1 2025 reached RMB 3,041,060,802.19, a 53.6% increase compared to RMB 1,981,094,650.84 in Q1 2024[17]. - Net profit for Q1 2025 was RMB 830,191,011.15, up 197.5% from RMB 278,698,767.52 in Q1 2024[17]. - Basic earnings per share for Q1 2025 was RMB 0.17, compared to RMB 0.05 in Q1 2024[17]. - Total profit for Q1 2025 was RMB 656.16 million, a 101.5% increase from RMB 325.90 million in Q1 2024[20]. - Net profit for Q1 2025 was RMB 577.96 million, up 99.7% from RMB 289.64 million in Q1 2024[20]. - Basic earnings per share for Q1 2025 was RMB 0.15, compared to RMB 0.07 in Q1 2024[20]. - The company reported a significant increase in investment income, reaching RMB 73.58 million in Q1 2025 compared to RMB 26.57 million in Q1 2024[20]. Asset and Liability Management - As of March 31, 2025, the total assets of Zhaojin Mining Industry Company Limited amounted to RMB 56.21 billion, an increase from RMB 53.43 billion as of December 31, 2024, representing a growth of approximately 5.3%[7]. - Total assets increased from RMB 43,375,618,316.06 on December 31, 2024, to RMB 45,594,620,519.18 on March 31, 2025, reflecting a growth of 5.1%[14]. - Total liabilities rose from RMB 28.33 billion as of December 31, 2024, to RMB 30.37 billion as of March 31, 2025, indicating an increase of approximately 7.2%[9]. - Total liabilities rose from RMB 18,783,200,754.12 to RMB 20,430,163,129.02, an increase of 8.8%[14]. - The total equity attributable to the owners of the parent company increased from RMB 21.09 billion to RMB 21.78 billion, a rise of about 3.2%[9]. - The total equity attributable to shareholders increased from RMB 24,592,417,561.94 to RMB 25,164,457,390.16, a rise of 2.3%[14]. Cash Flow and Liquidity - The company's cash and cash equivalents increased from RMB 2.89 billion to RMB 3.62 billion, marking a growth of around 25.2%[7]. - The company's cash and cash equivalents increased significantly from RMB 741,485,498.45 to RMB 1,823,371,295.08, a growth of 146.2%[12]. - Cash flow from operating activities for Q1 2025 was RMB 952.57 million, reflecting strong operational performance[23]. - Cash flow from investing activities showed a net outflow of RMB 1,463.27 million, indicating significant investment in growth[23]. - Cash flow from financing activities generated a net inflow of RMB 1,237.01 million, primarily from borrowings[23]. - The total cash and cash equivalents increased by RMB 726.31 million during Q1 2025, indicating improved liquidity[23]. Borrowings and Investments - Short-term borrowings increased from RMB 4.28 billion to RMB 5.37 billion, reflecting a growth of approximately 24.7%[9]. - The long-term borrowings increased from RMB 5.41 billion to RMB 6.04 billion, indicating a growth of approximately 11.5%[9]. - The company’s long-term borrowings increased from RMB 3,337,525,000.00 to RMB 3,820,525,000.00, reflecting a growth of 14.5%[14]. Inventory and Expenses - The company's inventory rose from RMB 6.25 billion to RMB 6.39 billion, an increase of about 2.3%[7]. - Inventory levels rose from RMB 2,492,529,105.15 to RMB 2,574,368,853.88, indicating a 3.3% increase[12]. - The company reported a decrease in research and development expenses from RMB 61,319,600.92 in Q1 2024 to RMB 37,906,428.88 in Q1 2025, a reduction of 38.1%[17]. - Research and development expenses for Q1 2025 were RMB 31.34 million, down from RMB 40.06 million in Q1 2024[20]. Strategic Focus - The company continues to focus on expanding its market presence and enhancing its operational efficiency through strategic investments and financial management[4].

Financial Performance - For the year ended December 31, 2024, the company reported revenue of RMB 11,550.68 million, a 37.6% increase from RMB 8,423.62 million in 2023[12]. - Gross profit for 2024 was RMB 4,521.95 million, up 34.1% from RMB 3,370.29 million in 2023[12]. - The company's net profit attributable to shareholders was RMB 1,450.80 million, representing a 111.8% increase compared to RMB 686.43 million in 2023[12]. - Revenue for the year was approximately RMB 11,550,680,000, representing a 37.12% increase from RMB 8,423,618,000 in 2023, driven by rising gold prices and increased sales volume[22]. - Net profit for the year was approximately RMB 1,851,333,000, a significant increase of about 120.81% from RMB 838,418,000 in 2023, attributed to higher gold prices and increased production and sales[23]. - Basic and diluted earnings per share attributable to ordinary shareholders were approximately RMB 0.35, reflecting a 150.00% increase from RMB 0.14 in 2023[24]. - The gross margin for the year was approximately 39.15%, a decrease of about 0.86% from 40.01% in 2023[53]. - Other income and gains for the year amounted to approximately RMB 582,509,000, an increase of about 10.54% from RMB 526,967,000 in 2023[54]. Assets and Liabilities - Total assets increased to RMB 53,567.95 million in 2024, a rise of 14.5% from RMB 46,867.40 million in 2023[13]. - The company's total liabilities were RMB 28,375.65 million, compared to RMB 24,623.07 million in 2023, indicating a 15.5% increase[13]. - Cash and cash equivalents decreased to RMB 2,029.83 million in 2024 from RMB 2,916.10 million in 2023, a decline of 30.4%[13]. - Total outstanding bank loans and other borrowings amounted to approximately RMB 12,984,719,000, an increase from RMB 9,767,317,000 in 2023[62]. - The leverage ratio as of December 31, 2024, was 43.4%, up from 42.1% in 2023, primarily due to an increase in debt levels[64]. Production and Resources - The total gold production for the year reached 26,449.73 kg (approximately 850,377.84 ounces), an increase of about 7.15% compared to the previous year[21]. - As of December 31, 2024, the company reported approximately 46.50 million ounces of gold mineral resources and about 16.63 million ounces of recoverable gold reserves[10]. - The increase in gold production was primarily due to overseas acquisitions of mines and increased refining output[21]. - The company successfully completed the acquisition of two overseas projects, contributing to a new gold resource increase of 261.16 tons, bringing total gold resources to 1,446.16 tons as of December 31, 2024[32]. - The total proven and controlled ore reserves for gold amount to 258.58 million tons with an average grade of 2.44 g/t, yielding a total metal content of 630.27 tons[37]. - The inferred gold reserves are estimated at 463.63 million tons with an average grade of 1.76 g/t, resulting in a total metal content of 815.89 tons[37]. Strategic Initiatives - The company aims to achieve a "dual H" development strategy, targeting a production ratio of "50% domestic, 50% international" in the future[10]. - The company plans to enhance its technological advantages and cost efficiency in gold production to ensure continuous growth in gold reserves and production[10]. - The company aims to enhance production capacity and operational efficiency, focusing on becoming a world-class gold mining company by 2025[17]. - The company is committed to a strategy of sustainable and innovative growth, aiming to create long-term value for shareholders[19]. - The company will continue to focus on its core business and internationalization strategy, strengthening resources, talent, technology, and management[17]. Market and Economic Factors - The international spot gold price reached a peak of USD 2,790.07 per ounce on October 31, 2024, influenced by inflation, geopolitical factors, and central bank purchasing[29]. - The average international gold price for the year was $2,388.64 per ounce, with a peak of $2,790.07 and a low of $1,984.08[30]. - The geopolitical risks and global economic adjustments are expected to maintain gold's strong asset allocation appeal[74]. Corporate Governance and Shareholder Relations - The board of directors proposed a cash dividend of RMB 0.05 per share, up from RMB 0.04 per share in 2023, pending approval at the annual general meeting[25]. - The company declared a final cash dividend of RMB 0.04 per share for the fiscal year ending December 31, 2024, consistent with the previous year[113]. - The distributable reserves as of December 31, 2024, amounted to approximately RMB 5,301,104,000, an increase of 21% from RMB 4,379,653,000 in 2023[119]. - The company has established a safety and environmental committee to ensure compliance with environmental protection laws and regulations[139]. - The company has maintained good relationships with customers and suppliers, ensuring effective and efficient service delivery[142]. Research and Development - The company is investing $50 million in research and development for new technologies aimed at enhancing operational efficiency[92]. - The company has achieved a major breakthrough in resource exploration, with a total of 175 patents granted and 211 patents applied for during the year[32]. - The company plans to invest RMB 142 million in geological exploration throughout the year to enhance resource growth[74]. Employee and Social Responsibility - The company has a total of 7,036 employees as of December 31, 2024, and invested RMB 4.3578 million in employee training during the year[146]. - The company made charitable donations totaling RMB 28,074,061 during the year, compared to RMB 15,814,870 in 2023, reflecting a significant increase[124]. - The company has implemented a compensation policy linked to performance, enhancing management of salary distribution and career development opportunities[146]. Compliance and Risk Management - The management discussion and analysis section of the annual report provides insights into the company's major risks and uncertainties, as well as future development indicators[109][110]. - The company has not reported any significant violations of applicable laws and regulations during the year[140]. - The independent non-executive directors confirmed that the continuing connected transactions were conducted under normal business terms and in the overall interest of shareholders[183].

Company Overview - As of December 31, 2024, the company has established a network of 37 medical centers and 7 R&D and production bases, serving over 18,000 medical institutions and more than 60 million people annually[10]. - The company employs 3,367 staff as of December 31, 2024, and was listed on the Main Board of the Stock Exchange on July 6, 2018[7]. - The company has a stock code of 1763 and was listed on July 6, 2018[25]. - The company has appointed Ms. Wang Cangren and Ms. Kwan Sau In as joint company secretaries[22]. - The company’s auditor is Shinewing (HK) CPA Limited[22]. - The company has established various committees under the board, including the Audit and Risk Management Committee and the Science and Technology Innovation Committee[21]. Financial Performance - The company achieved an operating income of RMB 7.575 billion, representing a year-on-year increase of 14.2%[30]. - Total profit reached RMB 1.045 billion, reflecting a year-on-year increase of 13.3%[30]. - Net profit was RMB 880 million, also showing a year-on-year increase of 13.3%[30]. - As of December 31, total assets amounted to RMB 14.767 billion, with net assets totaling RMB 7.745 billion[33]. - The gearing ratio stood at 47.56%[33]. - For the year ended December 31, 2024, the company achieved revenue of RMB 7,574.8 million, representing a year-on-year increase of 14.2%[110]. - The net profit for the same period was RMB 879.5 million, reflecting a year-on-year increase of 13.3%, with net profit attributable to the parent company reaching RMB 406.6 million, up 9.6% year-on-year[110]. - The gross profit margin decreased to 48.6% from 52.5% in the previous year, while the operating profit margin slightly improved to 14.3%[106]. Market Position and Products - The company supplies over 40,000 sets of ancillary radioactive source equipment and has captured nearly 70% of the large-scale Class A radiotherapy equipment market in China, making it the leading brand in this category[10]. - CIRC is the largest manufacturer of imaging diagnostic and therapeutic radiopharmaceuticals in China, and the only service provider covering the entire process of irradiation stations[8]. - The company launched the sodium fluorine-18 injection, the first PET imaging agent approved for bone imaging in China, filling a market gap[114]. - The therapeutic sodium iodine-131 capsule's negotiated price was officially implemented, meeting more clinical needs[114]. - The Group's nuclear medical equipment and related services generated RMB1,223.0 million in revenue, marking a year-on-year growth of 31.0%[129]. Research and Development - In 2024, the company achieved a significant milestone with the completion of the first domestic production line for carrier-free lutetium-177 with an annual output of 10,000 curies and a production capacity of thousands of germanium-gallium generators, marking the capability for large-scale commercial production of these nuclides in China[35][36]. - The annual R&D investment reached RMB 660 million, representing a year-on-year increase of 3.3%, with an investment intensity of 8.6%[35][36]. - The company was granted 224 new patent authorizations in 2024, including 65 invention patents[35][43]. - The R&D team consists of 507 personnel focused on optimizing production technologies and developing new products, contributing to technological innovation across various industrial fields[165]. Strategic Initiatives - The company aims to enhance its core functions and competitiveness, focusing on the "6+N" industrial layout, which includes nuclides, nuclear medicines, and irradiation applications[11]. - The company is committed to providing integrated solutions for nuclear medicine and radiotherapy, contributing to the development of a "strong nuclear power nation" and a "healthy China"[7]. - The company is implementing the "Healthy China" strategy to enhance core functions and competitiveness[33]. - The company aims to stabilize growth, strengthen innovation, and promote reform in the nuclear healthcare sector[33]. - The Group aims to support the "Healthy China" strategy by providing integrated solutions for nuclear medicine and radiotherapy, enhancing healthcare delivery across the country[181]. International Expansion - The company won the bid for a million-curie gamma irradiation station project in Bangladesh, marking its first breakthrough in overseas government agency EPC projects[36][41]. - The Group successfully signed the irradiation station project of Bangladesh Nuclear Agricultural Research Institute in 2024, marking the first overseas government agency irradiation station and the first overseas EPC project[140]. - The overall supply project of nuclear medical equipment in Nigeria was successfully signed, representing the first successful implementation of the Group's overall nuclear medical equipment supply project[140]. - The Group improved its layout in the ASEAN market with the successful export of cold medicine supporting radiopharmaceuticals to Thailand, contributing to new growth in export revenue[140]. Corporate Governance and Changes - The company appointed Mr. Han Yongjiang as the Chairman of the Strategy Committee on September 25, 2024[19]. - The company reported a resignation of Mr. Chen Shoulei from the Audit and Risk Management Committee on June 14, 2024, due to a change in work arrangement[17]. - The company experienced the unfortunate passing of Mr. Tian Jiahe on July 21, 2024, due to illness[19]. - The company reported the resignation of Ms. Liu Xiuhong from the Remuneration and Appraisal Committee on March 28, 2025, due to a change in work arrangement[18]. Social Responsibility and Community Engagement - Over 700 public welfare activities were conducted during the reporting period, demonstrating the company's commitment to social responsibility[114]. - The Group is committed to enhancing nuclear medicine's role in diagnosing and treating major diseases, contributing to the "Healthy China" initiative[200]. - The Group's focus on quality has resulted in multiple national awards for quality control groups and trustworthy teams[197]. Technological Advancements - The company has entered the high-end radiotherapy equipment market in collaboration with U.S. Accuray, focusing on advanced technologies such as spiral tomography systems and radiosurgery robots[8]. - The world's first spiral tomotherapy system, Tomo C, was officially completed and delivered from CNNC Accuray's Tianjin plant on June 25, 2024[49]. - The Precision treatment planning system for the Tomo C was approved by the National Medical Products Administration on June 5, 2024, providing a comprehensive treatment planning solution[62]. - The Group's digital transformation initiatives include real-time data collection and analysis of key equipment, aimed at optimizing operational processes[167]. Industry Trends and Future Outlook - By 2023, the direct economic output value of China's nuclear technology application industry was approximately RMB240 billion, with an industry scale of about RMB540 billion, maintaining a growth rate of 15% to 20% for several consecutive years[102][104]. - The Three-Year Action Plan for the High-Quality Development of Nuclear Technology Application Industry (2024-2026) aims for the annual direct economic output value to reach RMB400 billion by 2026, indicating strong future growth prospects[102][104]. - The nuclear technology application industry aligns with national strategies such as Healthy China and is supported by various government initiatives aimed at enhancing public health and medical technology[100][101].

Financial Performance - Total revenue for 2024 was RMB 10,977,732, a decrease of 40.6% compared to RMB 18,535,437 in 2023[18]. - The loss attributable to equity holders of the Company for 2024 was RMB (289,229), significantly improved from a loss of RMB (1,829,540) in 2023[18]. - Basic and diluted loss per share for 2024 was RMB (0.2208), an improvement from RMB (1.3967) in 2023[18]. - The Group generated total revenue of approximately RMB10,966 million in 2024, representing a decrease of approximately 40.6% compared to RMB18,448 million in 2023[31]. - Revenue from the technology-driven new retail segment was approximately RMB243.5 million in 2024, down approximately 79.9% from RMB1,209.8 million in 2023[32]. - Revenue from the smart industries segment decreased from approximately RMB17,225.3 million in 2023 to approximately RMB10,722.5 million in 2024, a decline of approximately 37.8%[32]. - The loss attributable to equity holders from continuing operations was approximately RMB265.2 million in 2024, significantly reduced from a loss of approximately RMB1,129.3 million in 2023[34]. - Adjusted net loss for the Group was approximately RMB51.8 million in 2024, compared to RMB86.9 million in 2023[29]. - Adjusted LBITDA for the Group was approximately RMB26.7 million in 2024, compared to RMB19.4 million in 2023[29]. - The decline in revenue was mainly attributed to inadequate demand from downstream textile enterprises and changes in government subsidy policies[31]. Assets and Liabilities - Net current assets decreased to RMB 357,220 in 2024 from RMB 742,696 in 2023, indicating a decline of 51.9%[18]. - Total assets decreased to RMB 1,875,780 in 2024 from RMB 3,077,045 in 2023, a reduction of 38.8%[18]. - Total liabilities decreased to RMB 1,290,039 in 2024 from RMB 1,891,769 in 2023, a decline of 31.8%[18]. - Total equity decreased to RMB 585,741 in 2024 from RMB 1,185,276 in 2023, a decrease of 50.6%[18]. - As of December 31, 2024, the Group's cash and cash equivalents decreased by approximately RMB 86.7 million to approximately RMB 279.0 million from RMB 365.7 million as of December 31, 2023[114][118]. - Total borrowings increased to approximately RMB 437.5 million as of December 31, 2024, up from RMB 406.5 million as of December 31, 2023, with bank borrowings at RMB 175.8 million[115][119]. - The Group was in a net debt position of RMB 127.6 million as of December 31, 2024, compared to a net cash position of RMB 23.8 million as of December 31, 2023[116][120]. - The capital and reserves attributable to equity holders decreased by approximately RMB 300.0 million to approximately RMB 260.4 million as of December 31, 2024, from RMB 560.4 million as of December 31, 2023[116][120]. Strategic Focus and Business Development - The Group aims to empower traditional industries with the Internet and data, focusing on technology-driven new retail and smart industries[13]. - The Group's strategic objective in technology-driven new retail is to enhance user stickiness and improve industry influence through professional content[14]. - The Group is undergoing transformation to lower its gearing ratio, optimize resources, and discontinue loss-making businesses, focusing on core business development[39]. - The Group aims to become a leading industrial internet group in China, integrating AI-enabled industries and big data analysis to enhance industrial digitalization[42]. - The Group is focusing on enhancing its digital supply chain service platform and optimizing resource integration to improve industrial chain synergy efficiency[59][62]. - The Group is prioritizing core business components, including ZOL, PanPass, and Union Cotton, while aiming to reduce indebtedness levels in the short to medium term[61][64]. - The Group emphasizes opportunities for industrial upgrading driven by AI technology, reconstructing traditional business models to optimize resource allocation[65][67]. Operational Challenges and Adjustments - The Group closed its platform and corporate services segment in 2024, which generated revenue of RMB12.9 million in 2023[32]. - ZOL, a subsidiary, faced challenges due to a tightening global economic environment and increased reliance on self-media platforms, impacting its business development[43]. - ZOL's customer base declined as clients reduced investments in advertising and marketing, leading to a challenging market environment[44]. - Despite initiatives to expand video platform content and launch new product lines, ZOL's performance fell short of expectations during the Year[44]. - Union Cotton experienced a significant revenue decline of approximately 37.0% compared to 2023 due to insufficient domestic demand and a sharp drop in export orders, leading to high inventory levels and low operational rates in the cotton textile industry[59][62]. - Despite the revenue drop, Union Cotton achieved positive profit growth year-on-year through refined supply chain management and effective cost control measures[59][62]. Leadership and Governance - Liu Jun has been appointed as the executive director and CEO since September 2016, previously leading the company from October 2017 to January 2019[74]. - Zhang Yonghong has served as an executive director since January 2019, with extensive experience in various leadership roles in technology companies[75]. - Liu Xiaodong joined the group in July 2015 during the acquisition of ZOL and has over 20 years of experience in media operation and management in the TMT field[78]. - Guo Fansheng founded the group in October 1992 and served as CEO until March 2008, currently holding a position as chairman of the Inner Mongolia Chamber of Commerce in Beijing[84]. - The company has a strong leadership team with diverse backgrounds in technology, management, and law, enhancing its strategic direction and governance[76]. - The board includes both executive and non-executive directors, ensuring a balanced approach to decision-making and oversight[80]. Structured Contracts and Regulatory Risks - The BZR Structured Contracts allow Orange Triangle to receive annual service fees of RMB 5 million and 12% of annual revenue from Beijing Zhixing Ruijing, along with additional fees based on net revenue after expenses[133][138]. - The Group's strategy includes compliance with PRC laws and regulations to conduct restricted business operations through structured contracts[136][139]. - The Group's reliance on structured contracts is essential for maintaining operational control and economic benefits from Beijing Zhixing Ruijing[140]. - Risks associated with BZR Structured Contracts include potential non-compliance with PRC laws, which could lead to severe consequences for Beijing Zhixing Ruijing[176]. - The uncertainty surrounding the VIE structure could increase risks for foreign investments in the PRC telecommunications sector[185]. - The Group's financial performance could be significantly impacted if the BZR Structured Contracts are invalidated[184].

Financial Performance - The company reported a revenue of HK$43,093.3 million for FY 2024, representing a 9% year-on-year increase from HK$39,712.5 million in FY 2023[10]. - Underlying net profit attributable to owners decreased by 29% to HK$1,622 million, down from HK$2,274.3 million in the previous year[10]. - The basic earnings per share based on underlying net profit fell to HK$1.464, a decline of 29% compared to HK$2.052 in FY 2023[10]. - The Group recorded a basic net profit attributable to shareholders of HK$16.22 million, a decrease of 29% year-on-year due to credit loss provisions related to real estate investments[20]. - The Group's financial results for the year ended December 31, 2024, are detailed in the consolidated statement of profit or loss[119]. Dividends - The company declared a total dividend per share of HK$1.40, which is a 37% increase from HK$1.02 in the previous year[10]. - The Group proposed a final dividend of HK$0.54 per share and a special final dividend of HK$0.46 per share, subject to shareholder approval[22][23]. - The Group declared an interim dividend of HK 40 cents per ordinary share, amounting to HK$443,325,000 during the year[120]. - The Directors recommend a final dividend of HK 54 cents and a special final dividend of HK 46 cents per ordinary share, totaling HK$1,108,311,000[120]. Revenue Segments - The Chemicals Division's revenue grew by 22% to HK$13,617.7 million, driven by new projects and increased sales volume of core chemical products[31][34]. - The Laminates Division's annual sales volume increased to 110 million sheets, a 10% increase compared to 2023, with revenue rising by 10% to HK$18,901.5 million[26][28]. - The PCBs Division achieved a 4% revenue growth to HK$12,107.0 million, with EBITDA increasing by 1% to HK$2,033.3 million[27][29]. - The Property Division's revenue from property sales decreased by 60% to HK$516.7 million, while rental income slightly decreased by 1% to HK$1,457.0 million[32][34]. Financial Position - The net gearing ratio improved slightly to 28% from 29% in the previous year, indicating a stable capital structure[10]. - The Group's net current assets as of December 31, 2024, were HK$19,989.8 million, down from HK$25,252.7 million in 2023, with a current ratio of 2.02[33]. - The Group maintained a healthy capital structure and financial position despite the challenges in the real estate sector[20]. - The net working capital cycle increased to 71 days as of December 31, 2024, from 65 days in the previous year[34]. - The Group's net gearing ratio was approximately 28% as of December 31, 2024, slightly down from 29% as of December 31, 2023, with a short-term to long-term bank borrowings ratio of 41%:59%[36]. Investments and Projects - During the period, the Group invested approximately HK$4 billion in production capacity and HK$600 million in property construction expenses, aiming for stable long-term returns for shareholders[36]. - The Group has invested approximately HK$900 million in distributed solar photovoltaics, achieving an annual generating capacity of 200 million kWh, resulting in energy savings equivalent to 54,000 tonnes of standard coal and a reduction of 120,000 tonnes in carbon dioxide emissions[57]. - The thermal energy recovery investments totaled HK$200 million, leading to a reduction of 59,000 tonnes of carbon dioxide emissions in 2024, equivalent to energy savings of 24,000 tonnes of standard coal and cost savings of HK$180 million[57]. - The Group's new 1,500-tonne monthly copper foil capacity will be fully operational in 2025, enhancing cost efficiencies[60]. - The Group plans to add 1.2 million square feet of monthly PCB capacity in Thailand and 1.1 million square feet in Vietnam, both expected to commence operations in 2026, to meet growing overseas demand[62]. Market Conditions - The electronics industry showed signs of recovery, driven by growth in automotive electronics and AI sectors, positively impacting revenue and profits in the Laminates and PCB segments[17]. - The electronics market is experiencing robust demand, with significant year-on-year growth in shipment volume for the first two months of 2025[60]. - The management anticipates ongoing geopolitical tensions and fluctuating industry performance due to protectionism and trade wars, emphasizing the need for strong cash flow and expense management[57]. - The Group's business operations are affected by recent global market fluctuations and a slowdown in the PRC economy, which may lead to reduced demand for its products[106]. Environmental and Sustainability Initiatives - The Group is committed to environmental sustainability and regularly reviews its environmental policies to comply with relevant laws and regulations[108][113]. - The Group's internal manufacturing facilities operate in compliance with environmental regulations, aiming for efficient resource use and waste reduction[108][113]. - The Group is committed to green and low-carbon practices in its Chemicals Division, focusing on production safety and compliance with emission standards[65]. Leadership and Management - Mr. Cheung Kwok Wing, aged 69, is the chairman and co-founder of the Group, responsible for overall strategic planning and direction[72]. - The Group's executive team includes members with significant industry experience, enhancing its operational capabilities in the PCB and chemical sectors[76]. - The Group's strategic direction is supported by a strong leadership team with diverse expertise across various sectors[76]. Risks and Challenges - The Group faces significant risks including product defects, which could lead to substantial liability claims affecting operations and reputation[96]. - Customer contracts are typically one-off purchase orders, leading to variability in order amounts and making future forecasts challenging[97]. - The Group operates in a highly competitive industry, with no assurance of successful competition against current or emerging companies[98]. - The Group has identified key risks including product defects, unpredictable customer contracts, and intense industry competition[102][103][104]. Shareholder Information - The interests of directors in the company's shares included Mr. Cheung Kwok Wing holding 10,267,405 shares, representing approximately 0.926% of the issued share capital[170]. - The company has no awareness of any tax relief available to shareholders due to their shareholding[160]. - The company maintains a register of substantial shareholders as required by Section 336 of the SFO[197].

Financial Performance - For the three months ending March 31, 2025, the group achieved operating revenue of RMB 3,198.89 million[3] - The operating cost for the same period was RMB 3,006.23 million, resulting in a net loss attributable to shareholders of RMB 263.01 million[3] Assets - As of March 31, 2025, the total assets of the group amounted to RMB 82,298.15 million[3]

Financial Performance - The Group's revenue increased by 11% to HK$18,541.0 million in FY2024 compared to HK$16,750.2 million in FY2023[11]. - Underlying net profit attributable to owners rose by 36% to HK$1,349.0 million, up from HK$991.0 million in the previous year[11]. - Reported net profit increased by 46% to HK$1,326.1 million from HK$907.4 million in FY2023[11]. - EBITDA grew by 21% to HK$2,962.7 million, compared to HK$2,450.3 million in FY2023[11]. - The full-year dividend per share was proposed at HK$62.0 cents, a significant increase of 288% from HK$16.0 cents in FY2023[11]. - The net asset value per share increased by 3% to HK$4.92 from HK$4.79[11]. - The net gearing ratio improved to 9% from 16% in the previous year[11]. - The Group's total revenue increased by 11% year-on-year to HK$18,541.4 million, with a significant rise in net profit attributable to shareholders by 36% to HK$1,349.0 million after accounting for credit impairment provisions[29]. Divisional Performance - The Laminates Division experienced growth in both revenue and profits due to a vertically integrated value chain and broad client base[23]. - The Laminates Division's revenue increased by 11% to HK$18,304.5 million, driven by recovery in demand from the consumer electronics market and growth in air conditioning and photovoltaic panels[27]. - EBITDA for the Laminates Division rose by 26% to HK$3,023.0 million, aided by price increases in laminate products to offset rising copper costs[27]. - The Property Division's revenue decreased by 44% to HK$126.7 million, with EBITDA down 34% to HK$38.0 million, primarily focusing on rental income[28]. Investment and Capacity Expansion - The Group invested approximately HK$700 million in new capacity during the year, aiming for long-term stable returns for shareholders[32]. - The Group's laminate production capacity in Thailand is set to increase by 400,000 sheets per month, reaching a total capacity of 1 million sheets per month by the end of 2024, with further expansions planned to reach 1.8 million sheets per month[50]. - A new low-dielectric fiberglass yarn project in Qingyuan City, Guangdong Province, with an annual capacity of 500 tonnes, is under construction and expected to commence operations in the second half of 2025[50]. - The newly added 1,500-tonne monthly copper foil capacity in Lianzhou City, Guangdong Province, will be fully operational in 2025, enhancing the Group's cost efficiencies[50]. Market and Demand Trends - The electronics industry is entering a new growth phase driven by automotive electronics and AI sectors, leading to increased demand[23]. - The overall electronic market demand is strong, with significant growth in shipment volume in the first two months of 2025 compared to the same period last year[52]. - The demand for copper foil used in data centers and cloud computing has increased significantly, driving growth in the group's product offerings[52]. Environmental and Sustainability Initiatives - The group has invested approximately HK$600 million in distributed solar photovoltaic projects, expected to generate 130 million kWh of green electricity annually, saving HK$117 million in electricity costs[53]. - The group has reduced carbon dioxide emissions by 45,000 tons in 2024 through thermal energy recovery investments totaling HK$120 million[53]. - The Group is committed to environmental sustainability and complies with relevant environmental laws and regulations[103]. Corporate Governance and Management - The company has a strong board with members holding significant experience in finance, governance, and management across various sectors[72]. - The board is committed to providing independent oversight and strategic guidance to ensure sustainable growth and shareholder value[73]. - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2024[188]. Risks and Challenges - The Group faces intense competition in its industry, which may adversely affect its financial condition and business prospects if it fails to compete effectively[97]. - Management may encounter challenges related to upgrading or expanding facilities and training personnel, which could hinder expansion plans[96]. - The Group's ability to successfully implement its business strategy is contingent upon obtaining adequate funding for its expansion plans[95]. Shareholder Information - The interests held by KHL in the Company are approximately 44.03% as of December 31, 2024[187]. - KHL Group accounted for approximately 20% of the Group's total sales, making it the largest customer during the year[189]. - The proposed annual cap for the supply framework agreement with Hallgain for the years ending December 31, 2026, is HK$563 million, HK$580 million, and HK$597 million respectively[196].